Rockpoint buys back Boston office tower for one-third of its 2019 price after mortgage default

The Boston Globe reports Rockpoint defaulted on a $470 million loan for 100 Summer Street before buying the tower back for $260 million. Rockpoint executive Fred Borges said the pandemic’s disruption of the office market drove the building’s value below what the firm owed. Bloomberg reports Rockpoint paid $806 million for it in 2019 and was the only bidder at the foreclosure auction.